Information for businesses

New law changes are bringing in “Phase 2” of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act.

The changes extend the AML/CFT Act to cover more businesses including real estate agents and conveyancers; many lawyers and accountants; some businesses that deal in expensive goods; and betting on sports and racing.

Supervision and support for businesses

Working with others to reduce your anti-money laundering compliance costs

If you have AML/CFT responsibilities, you don’t necessarily need to do them all by yourself. You may be able to share some of the costs with related businesses (for example, if you’re a subsidiary or part of a franchise).

Reporting suspicious activities

If businesses notice things that are potential signs of money laundering or financing of terrorism, they need to report that information to Police. The “Phase 2” changes have widened the obligation to report suspicious transactions to include reporting suspicious activities. These reporting changes affect all businesses that currently – or will – have to comply with the AML/CFT laws.